1. If an adjusting entry for depreciation is NOT made, then net income will be understated. O assets will be understated. . expenses will be understated. stockholders' equity will be understated 2. CVS, Inc., paid advertising expense $9,000 to its agent. As the accountant, you would tell the bookkeeper to debit Cash and credit Accounts Payable for $9,000. debit Cash and credit Advertise Expense for $9,000. debit Advertise Expense and credit Cash for $9,000. O debit Advertise Expense and credit Accounts Payable for $9,000